Pacific Life introduces new optional withdrawal benefit for variable annuities

Pacific Life, Newport Beach, Calif., has launched CoreIncome Advantage5, an optional benefit available with its variable annuities. CoreIncome Advantage5 allows clients to withdraw up to 5% of the protected amount annually for life as long as the first withdrawal is taken at or after age 65. Last year, Pacific Life introduced its first lower-cost, simplified optional benefit, CoreIncome Advantage, a 4% withdrawal benefit.

CoreIncome Advantage5 is currently available for an additional charge of 0.60% of the protected amount, deducted quarterly (0.15%). CoreIncome Advantage is currently available for an additional charge of 0.30% of the protected amount, deducted quarterly (0.075%). Both require clients’ contracts to be and remain 100% allocated according to the investment allocation requirements which include a broadly diversified selection of asset allocation portfolios and custom model solutions. After withdrawals begin, clients have the ability to lock in market gains through automatic annual step-ups.